Across the UK, four out of ten house sellers are reducing the price of their houses by record amounts in an attempt to get a sale. On average home owners trying to sell are reducing the price of their property by just under £20,000. This works out on average at around 7.5% of the average house value.
These desperate reductions mean that two and half billion pounds have been knocked off house prices in the last few weeks as sellers urgently tried to entice buyers and achieve a sale.
Glasgow, in Scotland, tops the list of towns and cities where prices have been reduced the most. In Glasgow sellers are slashing their house prices by 9%. The smallest house price reduction on average was in Chelmsford in the south of England where sellers were only knocking around 6% off their prices.
Houses prices continue to fall nationally in any case with prices dropping nearly a percent in the last quarter of 2011. Even a slight increase in prices at the start of 2012 did not do much to raise hopes and economists predict the market will remain stagnant and depressed. Prices are expected to fall a further 5% in 2012 due to low wages, rising unemployment and concerns over the economic climate.
Although there was a slight rise in prices over the month of January, economists predict that the market will remain depressed.
If you require information on available mortgages then visit the website Whathouse.co.uk for free independent advice on mortgages and house sales and moving house.
These desperate reductions mean that two and half billion pounds have been knocked off house prices in the last few weeks as sellers urgently tried to entice buyers and achieve a sale.
Glasgow, in Scotland, tops the list of towns and cities where prices have been reduced the most. In Glasgow sellers are slashing their house prices by 9%. The smallest house price reduction on average was in Chelmsford in the south of England where sellers were only knocking around 6% off their prices.
Houses prices continue to fall nationally in any case with prices dropping nearly a percent in the last quarter of 2011. Even a slight increase in prices at the start of 2012 did not do much to raise hopes and economists predict the market will remain stagnant and depressed. Prices are expected to fall a further 5% in 2012 due to low wages, rising unemployment and concerns over the economic climate.
Although there was a slight rise in prices over the month of January, economists predict that the market will remain depressed.
If you require information on available mortgages then visit the website Whathouse.co.uk for free independent advice on mortgages and house sales and moving house.
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